accountright standard P&L wrong

[manning]

Hi we have discovered that a clients P&L is not reporting the correct firgures.  I have optimised the file and done an audit check and no errors come up.

The GST Summary report is correct as I have check it againt the client bank statements.  If I do a P&L Cash report as the client reporting is Cash it is coming up with some random figures.

Does their data file need repairing.

Please note client is not happy as they are trying to sell the business and expected as I did for the figures to come through correctly.  They are possibly looking at another software program.

Your help would be much appreciated.

Thanks

Teresa

MYOB Partner

[gavin12345]

Hi @manning

This is unlikely to be caused by file corruption, not in v19 at least, esp in the absence of Optimisation and  Verification errors. What I would suggest is to generate the GST Details Cash report and examine the individual amounts that make up the $388,969.84 total. Compare this with transactions in the Income account.

FYI - you mention Gross Profit - the $388,969.84 is Gross Sales, not Gross Profit. 

You may also want to generate the Cash Basis P&L to see what this reports.

Regards

Gavin

[manning]

The GST Cash Detail & the GST Summary are correct it is the P&L that is incorrect and I dont know how to fix it as it appears to be an error in the data file.

The Bank register is also showing the correct amount.

Can someone please help.

[gavin12345]

Hi @manning

The P&L Cash does look incorrect. However this assumes all invoices were posted to an income account, and without seeing the file this is impossible to tell.

I can suggest 2 things:

• generate the P&L Cash and GST Detail Cash one month at a time. Drill into the Income figures to see what the monthly total is made up of - compare this with the GST Detail Cash entries. This may help you spot the issue.
• If the above fails to identify the cause, I can provide contact details for a specialist who can check the file to ensure MYOB reports the correct figures on a P&L. MYOB uses monthly totals for P&L generation, and if those figures are wrong due to corruption, the P&L will be wrong. Send me a private message if interested in contact details. There is no charge for the analysis.

Regards

Gavin

[Steven_M]

Hi @manning

The GST [Summary - Cash] report does look at the tax code added to the original transaction, it will not look at the accounts involved. This does mean that if you recorded say a sale transaction to an asset account with the GST code it will show up in the GST [Summary - Cash] report but not the Profit & Loss [Cash] report. The Profit & Loss [Cash] report is based off the income, cost of sales and expense accounts.

What I would recommend doing is running the GST [Detail - Cash] report and compare that with the Account Transaction [Cash] report (Reports>>Accounts>>Small Business Entity). By comparing the transactions on the GST [Detail- Cash] report with that of the Account Transaction [Cash] you will be able to see the transactions that appear in the GST [Detail - Cash] report but don't in the  Account Transaction [Cash] report. These transactions would need to be reviewed to determine the accounts involved and whether or not they are asset, liabilities and equity accounts.

Note: Based on the information provided and how the product does work the company file doesn't look like it needs repairing, especially due to the fact that it verifies without issues.

[manning · Accepted solution]

Well after all that I have realised its because I have allocated expenses back to the income account.  Which is what the client initially wanted.

I will be making the appropriate changes.

Thanks for all your help.